The conference call can be accessed by dialing 88 within the U.S. Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results.
The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, certain financial impacts resulting from the COVID-19 pandemic, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, costs associated with donations, contributions, and other financial support through Quest for Health Equity (our initiative with the Quest Diagnostics Foundation to reduce health disparities in underserved communities), gains and losses associated with changes in the carrying value of our strategic investments, a gain on sale of an ownership interest in a joint venture, and other items. Net income attributable to Quest DiagnosticsĪs used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). Operating income as a percentage of net revenues Net income attributable to Quest Diagnostics (b) Operating income as a percentage of net revenues (b) (dollars in millions, except per share data) The excessive cuts under the flawed implementation of PAMA could make it far more challenging for the clinical laboratory community to invest in testing capacity and infrastructure to meet the health care needs of the country, especially in medically underserved communities and during a time when many patients are resuming routine care."
The COVID-19 pandemic has demonstrated the clear need for patient access to timely, accurate and reliable clinical laboratory testing for the diagnosis, monitoring, and screening for all diseases. If enacted, SALSA would fix PAMA and put the Medicare Clinical Laboratory Fee Schedule back on a sustainable path. "Finally, we appreciate the bipartisan efforts of the members of Congress who introduced the Saving Access to Laboratory Services Act (SALSA).
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Steve Rusckowski, Chairman, CEO and President said: "We have raised our full year guidance based on our performance in the quarter and our expectations for the remainder of 2022. We also continued to ramp our investments to accelerate growth in the base business, particularly in the areas of advanced diagnostics and direct to consumer testing." "Our base business performed well despite softer utilization trends which we believe impacted us and the rest of the health care industry. "In the second quarter our base business revenues grew year over year while we increased our share of COVID-19 molecular testing thanks largely to our expanded retail relationships," said Jim Davis, CEO-elect.
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